Fitch lowers Gdansk

Fitch Ratings said it revised the outlook on the Polish city of Gdansk's long-term local-currency issuer default rating to stable from positive and affirmed the rating at A-.

The outlook revision follows the downgrade of Poland's long-term local-currency issuer default rating, the agency said.

Gdansk’s ratings are now equal with the sovereign’s ratings, Fitch said.

Only in exceptional circumstances can a local or regional government be rated higher than the sovereign, the agency said.

The national long-term rating also could be subject to changes following potential recalibration of the national rating scale, Fitch said.

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